Johnson & Johnson terminated development of an experimental eczema drug it acquired for $1.25 billion after the asset failed to meet internal efficacy thresholds. Separately, Biohaven reported a Phase 2 failure for its potassium channel candidate in major depressive disorder — its second mid‑stage setback. Both decisions force portfolio reassessments, write‑downs and reallocation of R&D capital. The twin setbacks underscore the persistence of clinical and translational risk even after costly licensing or acquisition deals.